AMC investor Wanda America Entertainment Inc., a unit of Chinese company Wanda Group, gave up its controlling stake in AMC Entertainment Holdings Inc. Stock sales totaled over $220 million.
Wanda America Entertainment Inc., a unit of Chinese company Wanda Group, sold more than 15.6 million shares of AMC stock in transactions on Feb. 1, March 19 and March 20, according to a filing with the Securities and Exchange Commission.
Wanda continues to own roughly 30.5 million shares, or 6.8 percent, of outstanding AMC stock.
More recently, Wanda had a controlling stake in the AMC because its Class B stock gave it three votes per share on corporate matters, whereas Class A stock had one vote per share.
On Feb. 1, Wanda converted all of its Class B stock — roughly 46.1 million shares — to the same number of Class A shares. That same day, it sold more than 2 million shares at an average price of $14.59 a share, according to its SEC filing. It sold 1.58 million shares at an average price of $14.43 a share on March 19 and more than 12 million shares at $13.98 a share on March 20.
AMC stock has sagged since then, closing at $9.42 a share on Friday, according to Yahoo Finance.